Bitcoin (BTC/USD) has been in a bearish trend since missing the $10,000 mark during the 5/5 session. It has been falling sharply and after almost tagging $7000, price rebounded during the 5/29 session.
BTC/USD 4H Chart
- Price is rebounding from just above $7000, but as it approaches $7600, we should start to anticipate resistance.
- I think we could still see price push to $7800, and even the $8000 mark.
- The whole $7600-$8000 area should be treated as resistance.
- A break above $8000 would be needed to change the current outlook, which is strongly bearish. Above $8000, we should anticipate a move to $8400, where we should look for resistance again.
- If price holds under $7800 for example, we still have downside to $7000. Below that, we can see price dip to the previous 2018 low, around $5900.